Searching for professional student loan repayment advice

CluckingCockney

I was of the 2012 university intake (the first to pay £9K per year) and my monthly student loan repayments have increased significantly over the last couple of years.

I am now looking to assess whether it would be worth trying, somehow, to pay it off in one lump sum. 

Beyond the good threads at MSE, i can't find anyone who could offer me bespoke advice. 

I have looked into some financial advisers but many don't offer specific advisory services on student loans. 

My question to the forum is two fold:

- Can anyone recommend which type of professional to engage with to help assess whether it would be worth trying to pay off the loan?

- Does anyone have any specific recommendations in terms of companies to enlist the support of?

MattMattMattUK

CluckingCockney said:

I was of the 2012 university intake (the first to pay £9K per year) and my monthly student loan repayments have increased significantly over the last couple of years.

I am now looking to assess whether it would be worth trying, somehow, to pay it off in one lump sum. 

Beyond the good threads at MSE, i can't find anyone who could offer me bespoke advice. 

I have looked into some financial advisers but many don't offer specific advisory services on student loans. 

My question to the forum is two fold:

- Can anyone recommend which type of professional to engage with to help assess whether it would be worth trying to pay off the loan?

- Does anyone have any specific recommendations in terms of companies to enlist the support of?

You are very unlikely to find a professional for this and you absolutely do not need one. Run the numbers based on your age, current and expected future income and lump sum.

https://www.moneysavingexpert.com/students/repay-post-2012-student-loan/

silvercar

This thread would be better on the Student board, I''ll get it moved.

https://forums.moneysavingexpert.com/categories/student-money-saving

Plenty of similar discussions over there. I doubt there is a professional who could advise you.

Without knowing your projected future income, I would say if your loan is still increasing you aren't earning enough to justify clearing the loan in its entirety. Eventually it will be written off.

If you can raise a lump sum to clear it, would the money be better spent on a house deposit or pension? Even an investment, if the loan itself eventually will be written off.